AED to LBP

AED - United Arab Emirates Dirham (د.إ)

The United Arab Emirates dirham is the currency of the United Arab Emirates. The dirham is abbreviated by the currency code AED, and its symbol is د.إ. Unofficial abbreviations include ‘Dhs’ and ‘DH’. The most popular AED exchange is with Indian rupees (INR to AED). The dirham is a fiat currency, and its conversion factor has 6 significant digits.

The Dirham (AED) is the currency of the United Arab Emirates. 1 Dirham = 100 fils. Exchange can be done at a bank, but is less costly at an exchange office. The United Arab Emirates Dirham was pegged to the IMF’s drawing rights in 1978. In 1997 the Dirham was pegged to the US Dollar at 1 USD = 3.6725 dirham.

The United Arab Emirates Dirham is the currency in United Arab Emirates (AE, ARE, UAE). The symbol for AED can be written Dh, and Dhs. The United Arab Emirates Dirham is divided into 100 fils. The exchange rate for the United Arab Emirates Dirham was last updated on Today from The International Monetary Fund. The AED conversion factor has 6 significant digits.

Economy

• The United Arab Emirates is ranked second in the Corporation Council for the Arab States of the Gulf (CCASG).
• Natural gas and petroleum exports play an important role in the economy.
• The service sector is also an important source of income.
• Construction forms a huge part of the economy; there is currently an average of $350 billion in construction projects.
• The United Arab Emirates is part of the World Trade Organization.
• Imports are machinery, manufactured goods, and transport equipment.
• In 2009, 85% of exports were natural resources.
• The United Arab Emirates has the fastest-growing economy in the world.

History

• The original currency in the United Arab Emirates was the Bahraini Dinar.
• Before 1966 the United Arab Emirates used the Gulf Rupee.
• The United Arab Emirates dirham started circulating in December 1971. The dirham replaced the Dubai Riyal as well as the Qatar Riyal at par.
• From 1973 to 1982 the United Arab Emirates issued the Dirham.
• In 1976 the United Arab Emirates minted commemorative coins.
• In the late 1980s a fixed rate was established between the Dirham and the USD.
• 200-dirham denominations were produced only in 1989 and are scarce; however, the 200-dirham was re-introduced in May 2008 in a different color from the original.
• In 1997 the Dirham was pegged to the US Dollar.

More information about AED - United Arab Emirates Dirham (د.إ)

LBP - Lebanese Pound (LBP)

Lebanese Pound

The Lebanese Pound is the official currency of Lebanon, signified by £ or L£. The Pound is also known as the Lira in Arabic or the Livre in French, and all notes and coins are written and referred to in both languages. The Pound is sub-divided into 100 piastres, although over time inflation has rendered the piastre obsolete. The Pound is pegged to the US Dollar at 1 USD = 1,507.5 LBP.

The Lebanese Pound is the currency in Lebanon (LB, LBN). The symbol for LBP can be written L L. The Lebanese Pound is divided into 100 piastres. The exchange rate for the Lebanese Pound was last updated on May 24, 2019 from Yahoo Finance. The LBP conversion factor has 5 significant digits.

Economy

• International emigration has created "commercial networks" throughout the world leading to $8.2 billion dollars of remittances in 2009. The money sent by Lebanese expatriots to their relatives represented 20% of the country's economy.
• Lebanon has the highest proportion of skilled labor between Arab states.
• To boost the economy and increase foreign direct investment, the Lebanese government has created an agency to promote domestic investments, IDAL, the Investment Development Authority of Lebanon in 1994. It was established to promote Lebanon as a key investment destination, and the attraction of providing and maintaining investments in the country.
• In 2001, Law No.360 Investment was enacted to strengthen the mission of the organization, providing a framework for regulating investment activities in Lebanon, and providing local and foreign investors with a series of incentives and services business support. In addition to its role as investment promotion agency, IDAL was given the active promotion and marketing Lebanese exports including but not limited to agricultural and agro products.

History

• The Ottoman Lira was used before World War I. After the fall of the Ottoman Empire, the currency became the Egyptian Pound in 1918.
• After seizing control of Syria and Lebanon, the French replaced the Egyptian pound with a new currency in Syria and Lebanon, the Syrian Pound, which was linked to the French Franc at a value of 1 Pound = 20 Francs.
• Lebanon issued its own coins and banknotes from 1924 from 1925.
• Lebanon's first banknotes were issued by the Bank of Syria and Greater Lebanon (Banque du Liban) in 1925. Denominations ran from 25 girsha through to 100 pounds. In 1939, the bank's name was changed to the Bank of Syria and Lebanon.
• In 1939, the Lebanese Pound officially separated from that of Syria, although it was still linked to the French Franc and remained interchangeable with Syrian money.
• In 1941, after the defeat of France by Nazi Germany, the Lebanese Pound was linked instead to the British Pound Sterling at a rate of 8.83 Lebanese Pounds = 1 Pound Sterling. A link to the French Franc was restored after the war, but was abandoned in 1949.

More information about LBP - Lebanese Pound (LBP)